Article
Economics
Xuehui Zhang, Jianhua Tan, Kam C. Chan
Summary: In cities with severe air pollution, IPO firms tend to experience higher underpricing. Both seasoned firms and IPO firms in such cities face higher crash risk and tighter financial constraints, with the latter also receiving fewer visits from analysts and institutional investors. Addressing environmental issues is crucial for both public health and capital formation.
Article
Business
Murad Harasheh
Summary: This paper investigates the impact of sustainability performance before IPO on underpricing and demonstrates a strong relationship between underpricing and financial and sustainability variables, particularly in the year just before the IPO. The study suggests better information efficiency, quality signaling, and image-improving practice. However, post-IPO stock return shows a weaker correlation with financial and ESG variables, indicating the market's ability to incorporate such information in the long run.
BUSINESS STRATEGY AND THE ENVIRONMENT
(2023)
Article
Business, Finance
Yan Dong, Jun Huang
Summary: The study found that the implementation of first-day listing price limits can intensify IPO underpricing, boost investor sentiment, and encourage market speculation, with different impacts on companies based on their characteristics. This research may provide insights on enhancing regulatory policy effectiveness and ongoing reforms in the ChiNext and IPO markets.
EMERGING MARKETS REVIEW
(2022)
Article
Business, Finance
Yan Dong, Jun Huang
Summary: This paper examines the impact of first-day listing price limits on IPO underpricing by using event study and regression discontinuity design models, based on the data on initial public offerings (IPOs) listed on Growth Enterprises Market (ChiNext) from 2009 to 2018. The research shows that the implementation of price limits significantly increases IPO underpricing by intensifying investor sentiment and encouraging market speculation. It also finds that price limits have different effects on companies with different characteristics, such as innovation capacity and ownership structure. The findings may provide insights for improving regulatory policies and current reforms in ChiNext and the IPO market.
EMERGING MARKETS REVIEW
(2022)
Article
Business
Yuji Honjo, Koki Kurihara
Summary: This study explores the graduation of IPO firms and regulatory reforms in junior stock markets. Using data from the two junior stock markets of the Tokyo Stock Exchange, MOTHERS and JASDAQ, the study examines the factors affecting the time to graduation to the main markets. The findings suggest that young IPO firms and those with high R&D intensity are less likely to graduate from the junior markets. The study also shows that listing regulations on graduation to the main market accelerate the graduation of IPO firms. Additionally, IPO firms that ultimately graduate to the main markets exhibit better performance.
SMALL BUSINESS ECONOMICS
(2023)
Article
Business
Eugene Kang, Nguyen Bao Lam
Summary: This study applies signaling theory to examine the impact of environmental disclosures on equity underpricing at initial public offerings (IPO). The study finds that disclosures with a positive tone correlate with lower underpricing, but only if these disclosures are authentic. This finding has important implications for firms and stakeholders navigating sustainability reporting in Singapore.
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT
(2023)
Article
Economics
Wilco Legierse
Summary: This paper examines the pricing and choice of offering method for Dutch IPOs during the interwar period. It finds that the offering method is related to the volume of the issue, but unrelated to pricing and variables that proxy information asymmetries. The level of underpricing is largely determined by past investor sentiment.
ECONOMIST-NETHERLANDS
(2023)
Article
Law
Patrick M. Corrigan
Summary: This paper proposes a new proxy for the ex ante expectations of issuers and their underwriters about the direction of pricing revisions during the roadshows of an initial public offering (IPO). The results provide empirical support for theoretical models of partial adjustment and IPO underpricing driven by the preferences of underwriters or managers of issuers for underpriced IPOs.
JOURNAL OF EMPIRICAL LEGAL STUDIES
(2022)
Article
Psychology, Applied
G. Tyge Payne, Lori Tribble Trudell, Curt B. Moore, Oleg V. Petrenko, Nathan T. Hayes
Summary: Initial public offerings (IPOs) are crucial for firms' development, but the information asymmetry poses challenges in signaling the quality to potential investors. This study found that more opportunities for information disclosure can mitigate the impact of ownership concentration on underpricing, leading to better outcomes.
GROUP & ORGANIZATION MANAGEMENT
(2023)
Article
Psychology, Multidisciplinary
Feng Fu, Shuangying Chen
Summary: This paper examines the effects of platform corporate venture capital (CVC) versus traditional CVC on Internet IPO underpricing. The findings suggest that platform CVC firms increase Internet IPO underpricing, particularly with strong prior performance or implementation of China's Internet plus policy. However, as Internet penetration increases, platform CVC firms will increase Internet IPO underpricing less than traditional CVC firms. Therefore, IPO firms should consider different types of venture capital when formulating their resource acquisition strategies.
FRONTIERS IN PSYCHOLOGY
(2022)
Article
Management
Ryan Krause, Juanyi Chen, Garry D. Bruton, Igor Filatotchev
Summary: This research explores the relationship between CEO power and IPO underpricing, and how this relationship is influenced by cultural power distance. The findings suggest that CEO power can be a mixed signal for IPO investors in high-power-distance cultures, and that underwriter reputation can weaken the signaling impact of both CEO power and cultural power distance. The study provides insights for corporate governance practitioners on the strategic implications of CEO power consolidation in international business environments.
GLOBAL STRATEGY JOURNAL
(2021)
Article
Business, Finance
Nicholas Crain, Robert Parrino, Raji Srinivasan
Summary: This study provides evidence on the relationship between pre-market due diligence and book-building processes in determining IPO share prices. It suggests that there is a complementarity between these processes, with more information likely to be included in the offering prospectus when there is greater uncertainty regarding the share value. This increase in disclosures leads to greater information discovery during book-building.
JOURNAL OF EMPIRICAL FINANCE
(2021)
Article
Business, Finance
Jerry W. W. Chen, Eunice S. S. Khoo, Zihang Peng
Summary: We examine whether disclosures about climate change in IPO prospectuses impact the information environment in the IPO market. Our findings suggest that climate change disclosures are linked to lower IPO underpricing. Moreover, reputable underwriters and the Securities Exchange Commission's Commission Guidance Regarding Disclosure Related to Climate Change amplify the information role of climate change disclosures in the IPO market. We also demonstrate that companies with more extensive climate change disclosures provide better hedging benefits against climate change risks after the IPO. Overall, our results highlight the significant role of climate change disclosures in enhancing the information environment of the IPO market.
ACCOUNTING AND FINANCE
(2023)
Article
Business
Salim Chahine, Igor Filatotchev, Garry D. Bruton, Mike Wright
Summary: The study finds that reputation transfer through association with venture capital firms can significantly impact the valuation of a firm's initial public offering (IPO), with the effect being influenced by investors' valuation of prior IPOs funded by the VC firm. This impact is not one-way and must be considered in the context of the reputational development of organizations the focal firm is associated with. Furthermore, certain factors such as the VC firm's past experience intensity, the diversity of IPO experiences, and the number of prior syndicated IPOs involving the VC firm as a lead investor can enhance the effect of reputation transfer on IPO valuations.
JOURNAL OF MANAGEMENT
(2021)
Article
Economics
Wang Yueqi, Yao Jingjing
Summary: This study investigates the impact of investor sentiment and issuing cost on the IPO underpricing rate after listing in various periods. The results indicate that, in the first phases, investor sentiment is positively correlated, while the issuance cost is negatively correlated to the IPO underpricing rate. After the company's listing, investor sentiment gradually becomes the main factor affecting the IPO underpricing rate, and its positive impact increases, while the negative impact of the issuance cost weakens slightly.
APPLIED ECONOMICS LETTERS
(2021)
Article
Management
Alev Ozer Torgaloz, Mehmet Fatih Acar, Cemil Kuzey
Summary: This research investigates the potential impact of organizational learning culture and decentralization on supply chain collaboration after the COVID-19 pandemic. The results show that decentralization plays a critical role for the relationship between organizational learning culture and supply chain collaboration.
OPERATIONS MANAGEMENT RESEARCH
(2023)
Article
Business
Ali Dag, Asli Z. Dag, Abdullah Asilkalkan, Serhat Simsek, Dursun Delen
Summary: With the increasing popularity of blockchain technology and investor confidence in Bitcoin (BTC), many individuals have started investing in BTC and other cryptocurrencies in expectation of high returns. However, recent market movements have shown the difficulty in guarding against high volatility and potential significant losses due to the lack of regulation and oversight. In this study, a data-driven Tree Augmented Naive (TAN) Bayes methodology is proposed to identify the most important factors and their interdependent relationships influencing BTC price movements. The proposed methodology, being parsimonious without sacrificing accuracy, sensitivity, and specificity, can be used in practice for making short-term investment decisions.
JOURNAL OF BUSINESS RESEARCH
(2023)
Article
Business
Ismail Golgeci, David M. Gligor, Erkan Bayraktar, Dursun Delen
Summary: Over the past decades, global businesses have witnessed the rise of global value chains (GVCs) where they and their competitors can slice their value-creating activities. The emergence of GVCs has brought both opportunities and challenges, but the COVID-19 pandemic has exposed their vulnerabilities. This special issue aims to understand how GVCs can be reimagined in extreme events and contexts, advancing knowledge of their dynamic nature and changes in design, structure, and management. It also proposes new research directions. Rating: 8 out of 10.
JOURNAL OF BUSINESS RESEARCH
(2023)
Article
Operations Research & Management Science
Kazim Topuz, Behrooz Davazdahemami, Dursun Delen
Summary: During a pandemic, medical specialists face challenges in discovering new disease risk factors and designing effective treatments. Advanced data analytics technologies can be used to expedite the process. This research combines evolutionary search algorithms, Bayesian belief networks, and innovative interpretation techniques to provide a comprehensive machine learning methodology for clinical decision-makers. The approach is validated through a case study on COVID-19 patient survival, resulting in a probabilistic model with high accuracy.
ANNALS OF OPERATIONS RESEARCH
(2023)
Article
Operations Research & Management Science
Z. K. Mohammed, A. A. Zaidan, H. B. Aris, Hassan A. Alsattar, Sarah Qahtan, Muhammet Deveci, Dursun Delen
Summary: Metaverse is a new technology expected to drive economic growth in Industry 5.0. The current bitcoin networks offer significant potential for future metaverse developments with anonymity and privacy. This study explores a modelling process using the fuzzy weighted with zero inconsistency method and Diophantine linear fuzzy sets combined with multiobjective optimization to determine the optimal approach for metaverse implementation in Industry 5.0.
ANNALS OF OPERATIONS RESEARCH
(2023)
Article
Computer Science, Artificial Intelligence
Sarah Qahtan, Hassan A. Alsattar, A. A. Zaidan, Muhammet Deveci, Dragan Pamucar, Dursun Delen, Witold Pedrycz
Summary: This research proposes a benchmarking framework for the agri-food 4.0 supply chain to enhance data analytics capabilities and achieve sustainable performance. The methodology includes constructing a decision matrix, introducing fuzzy set theory, weight allocation, and scoring methods, and validating the results through sensitivity analysis and Spearman's correlation coefficient.
APPLIED SOFT COMPUTING
(2023)
Article
Green & Sustainable Science & Technology
Ali Uyar, Cemil Kuzey, Abdullah S. Karaman
Summary: Drawing on stakeholder and agency theories, this study examines the impact of optimum and aggressive environmental, social, and governance engagement on firm risk, considering the moderating effect of executive compensation. Using a separate research model and generalized method of moments, the study analyzes 43,803 observations between 2002 and 2019. The findings indicate that while optimum engagement has a negative association with firm risk, aggressive engagement has a positive association. However, executive compensation weakens the positive association between aggressive engagement and firm risk, emphasizing the importance of corporate social responsibility contracting in balancing stakeholder and shareholder interests.
JOURNAL OF CLEANER PRODUCTION
(2023)
Article
Health Policy & Services
Gopal Nath, Austin Coursey, Joseph Ekong, Elham Rastegari, Saptarshi Sengupta, Asli Z. Dag, Dursun Delen
Summary: This study aims to uncover the temporal effects of factors important for brain and central nervous system cancer survival using a machine learning approach. Various algorithms were employed, and the results showed that Gradient Boosting (GB), Logistic Regression (LR), and Artificial Neural Networks (ANN) outperformed other classification algorithms. The importance of several features/variables was found to vary in 1-, 5-, and 10-year survival predictions.
INTERNATIONAL JOURNAL OF HEALTHCARE MANAGEMENT
(2023)
Article
Computer Science, Artificial Intelligence
Hend Ghailani, A. A. Zaidan, Sarah Qahtan, Hassan A. Alsattar, Mostafa Al-Emran, Muhammet Deveci, Dursun Delen
Summary: The sustainable management of construction and demolition wastes (CDWs) is a global issue that involves complex challenges in technology, engineering, management, and regulation. This study developed the q-ROPHFS-FWZIC and q-ROPHFS-FDOSM methods to evaluate and model CDW management strategies and determine the optimal one. Results showed that Strategy 46 was the most sustainable strategy, while Strategy 17 and Strategy 20 were the least sustainable strategies.
APPLIED SOFT COMPUTING
(2023)
Article
Computer Science, Artificial Intelligence
Dragan Pamucar, Muhammet Deveci, Ilgin Gokasar, Dursun Delen, Mario Koppen, Witold Pedrycz
Summary: Sharing economy transportation applications contribute to environmental sustainability by reducing car ownership and single-vehicle occupancy. Metaverse, a promising new technology, combines sharing economy applications with transportation networks. The integration of these two approaches can improve the sustainability of sharing economy applications.
DECISION SUPPORT SYSTEMS
(2023)
Article
Business
Ali Uyar, Habiba Al-Shaer, Cemil Kuzey, Abdullah S. Karaman
Summary: This study examines the contribution of foreign directors to firms' waste management, focusing exclusively on waste reduction and recycling. The findings show that foreign directors on the board are negatively associated with waste generation, but positively associated with waste recycling. Additionally, the eco-innovativeness of firms moderates the association between foreign directors and waste generation and recycling. Further analyses provide insights into polluting versus non-polluting industries and different regulatory environments.
BUSINESS STRATEGY AND THE ENVIRONMENT
(2023)
Article
Business
Moataz Elmassri, Cemil Kuzey, Ali Uyar, Abdullah S. Karaman
Summary: This study examines the impact of corporate social responsibility (CSR) adoption on differentiation and cost leadership strategies, and how governance structure moderates this relationship. The results show that CSR enhances cost leadership strategy but weakens differentiation strategy. This study provides important theoretical and practical implications for firms.
MANAGEMENT DECISION
(2023)
Article
Environmental Studies
Hasan Dincer, Serhat Yuksel, Umit Hacioglu, Mustafa K. Yilmaz, Dursun Delen
Summary: This study examines the performance of alternative business models for the oil and gas industry in achieving Sustainable Development Goals (SDGs) and Corporate Social Responsibility (CSR) mission. The findings show that clean energy is the most important factor for the sustainable energy industry in emerging economies, and drilling is the best alternative energy sourcing for the oil and gas industry. The study also highlights the importance of effective energy practices in managing global warming for long-term sustainability.
Article
Business
Majdi Karmani, Cemil Kuzey, Ali Uyar, Abdullah S. Karaman
Summary: This paper examines the relationship between corporate social responsibility (CSR) and advertising as two visibility channels for firms. The study finds that CSR performance is negatively associated with advertising, except for the governance pillar. The study also explores the moderating effects of board gender diversity, CSR committees, and financial slack on the relationship between CSR and advertising.
CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENTAL MANAGEMENT
(2023)
Article
Computer Science, Artificial Intelligence
Iman Mohamad Sharaf, A. H. Alamoodi, O. S. Albahri, Muhammet Deveci, Mohammed Talal, A. S. Albahri, Dursun Delen, Witold Pedrycz
Summary: This study proposes a novel multi-criteria decision-making solution to address the challenges in evaluating and selecting 5G-RAN architectures. By integrating fuzzy sets and Type-2 neutrosophic fuzzy environment, a more robust evaluation and decision platform is established. The weighting and selection methods determine the most important evaluation criteria and the optimal RAN architecture.
EXPERT SYSTEMS WITH APPLICATIONS
(2024)